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Friday, June 17, 2016

Basics of investment is must for Single Mothers

Women usually get scared with the idea of handling money and remain indecisive - often turns out to be a problem if for some reasons they are forced to live on their own and this problem becomes more ugly if they gave children with them and they have to secure the financial future of all of them having zero knowledge about finance and investing.

First few steps to start managing their investments:
# Never give management of your money to a relative
# Open a fixed deposit account as your first investment in a good bank and keep money in it
# Must educate yourself with the basics of finance and investing
# To gain experience of investment start with a small amount from the money kept in your FD ( fixed deposit)
# Understand financial planning and if needed get in  touch with a financial planner for a fee
# Choose your planner by relying on strong references
# Financial planner must have a minimum 2-3 years of experience
# For a good long term investing experience you have to have a disciplined approach to saving and investing
# Keep calm during markets short term volatile phases
# Trust SIPs for investing in mutual funds. SIPs average out costs, neutralise negative impact of volatility.

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